You, or someone important to you is:

36-50 years of age


The basic, essential buildings blocks for the financial welfare of you and your family have been in place for some time, and thoughts can turn to the desirable protections, experiences and the enjoyment of later life.


Income protection insurance can materially alter the quality of family life and speed of recovery.

April was certainly glad that Mac had taken out such a policy. It was bad enough to find out that he had developed Parkinson's disease, but the combination of State benefits and the income replacement policy meant that the family income remained virtually the same. Without the financial stress that inevitably flowed from losing his income, Mac was able to devote all his energy to a physiotherapy and treatment regime available to him.

He, and the family, are convinced that this has led to slower degeneration than had been feared.

.......................................................................................................................................

Private medical expenses insurance is another worthwhile investment although it can never be seen as a replacement for the NHS.

Denise and Lilian were certainly pleased that they had done so. Lilian opted to go for a well-woman screening in addition to the standard insurance and she nagged Denise into going for a similar detailed examination. This led to the discovery that Denise had breast cancer. Thankfully the condition was diagnosed at an early stage and the treatment was proved to be effective but they both know the efficient and comprehensive examination provided by this 'luxury' insurance has given them more time together.

.......................................................................................................................................

If you opt to improve upon any life assurance that you are currently holding, possibly to include critical illness cover as well, great care is needed to avoid potential problems.

Pat and Bodie were sold one of these policies by their bank when their foundry business needed to borrow money for expansion plans. These policies have long and detailed wordings explaining what is and is not insured, but neither Pat nor Bodie had the time, nor the interest, to read the small print. When they showed the policies to Corrigans it was pointed out to them that amongst the exclusions was all cover for burns - hardly an appropriate exclusion for the owners of a foundry.

Replacement policies were arranged on a more suitable basis but even this has not proved to cover everything that can possibly happen. Bodie has had many small strokes which lead to temporary loss of consciousness. Quite obviously he can no longer work as the manager of operations within the foundry itself but that is where his skills lie and he neither has the interest nor the ability to work in the offices.

Sadly the insurance policy does not cover strokes of such a minor nature, no matter how many of them there are. Each insured event has to be of sufficient magnitude to satisfy the definition laid down by the insurer in the policy - and it is only when a claim arises that anyone outside the medical profession can learn just how good the policy is.

Remember the lives you are living are the real thing - not just a dress rehearsal, so set about realising your ambitions now, whether that is riding Route 66, running your own Ferrari or being pampered like royalty on a tiny island in the Seychelles. Why not talk to Corrigans and let them help you to plan exactly how you can realise your dreams.

.......................................................................................................................................

Be wary about extending and improving your home by any appreciable amount to accommodate a larger family. This type of work rarely adds the same amount of value to the house that you have spent, and your money could be better employed simply moving to a larger property. All too often the properties are 'over improved' for the precise location that they are in.

Colin loved the village in which he had lived for almost 10 years, and was an active member of the local community. After having decided on a major renovation project for his cottage and done the sums, he was going to spend a lot more money than the subsequent increase in value. Nevertheless, Colin went ahead with the project in the full knowledge that the re-mortgage that Corrigans had organised on his behalf was great value, and he knew he intended to live there for many years to come.

.......................................................................................................................................

Talk to Corrigans to make sure your retirement plans are on track. And that does not mean just about your pension, but about all of your savings, investments and debts - because each will play their part in allowing you to live your life when you give up full time work.

Brothers Derek and James did this for their families in 1987 and all four of them have now reached or are close to retirement.

Their pensions are significant and the benefits are being claimed in such a way that their children will have access to anything that Derek, James or their wives don't manage to spend in their lifetimes (less tax). In addition to this, each of them have tax-free investments which are now generating a tax-free income of more than £40,000 per year apiece which don't even need to go onto their tax return. They now have more disposable income in retirement than they had when they were working and, to be fair, they find that they need it.

When you give up work there are suddenly 40 hours or more per week to fill. Where you had previously been spending nothing and your mind had been active, you now need to find something else to do. Few of the things that you choose will be free of charge and so it makes sense to have a bigger income when you give up work - and that is certainly possible if you plan ahead.

.......................................................................................................................................


Back to the main LifestageTracker page